郑棉价格创新低，5月纺织品服装出口逆势增长原因解析

郑棉价格创新低，5月纺织品服装出口逆势增长原因解析

Cotton Prices Hit New Low: Why Did Textile & Apparel Exports Grow Against the Trend in May?

【棉花&棉纱】
今日郑棉大幅下跌，再创新低。棉花现货基差保持稳定，高价基差略有下调。纯棉纱纺企库存持续增加，纱线价格走弱，减产停产现象增多，下游采购意愿减弱，淡季压力加大，短期内需求无明显好转迹象。

【Cotton & Cotton Yarn】
Zheng cotton futures fell sharply today, hitting new lows. The spot basis remains stable with slight adjustments in high-price basis. Cotton yarn inventories continue to accumulate, yarn prices weaken, production cuts and shutdowns increase, downstream purchasing willingness declines, off-season pressure intensifies, with no immediate signs of demand recovery.

【白糖】
隔夜美糖反弹，市场预计5月下半月巴西中南部食糖产量增速将放缓。前期美糖跌幅较大，下跌动能减弱，短期价格有望企稳反弹。国内郑糖震荡整理，5月销售数据利空，但产销率较高，库存较低，糖厂现货压力较小。

【Sugar】
ICE sugar rebounded overnight as market expects slower production growth in Brazil's central-south region in late May. After significant previous declines, downward momentum weakens with potential for short-term stabilization. Domestic sugar futures consolidate with negative May sales data offset by high sales ratio and low inventories reducing mill pressure.

【苹果】
期价弱势震荡，现货主流报价持稳。目前处于苹果需求淡季，客商采购谨慎，发货量少，果农惜售情绪较强，对现货价格形成支撑。西北产区果农货基本结束，客商优质好货价格偏强。

【Apples】
Futures show weak volatility while spot prices hold steady. Current off-season sees cautious merchant purchasing with limited shipments, supported by growers' reluctance to sell. Northwest production areas see farmer supply exhausted with premium quality goods commanding stronger prices.